Morgan Stanley outperforms Goldman in trading, again
B/E/S, according to Reuters.
In investment banking Morgan Stanley saw revenue rise 35% on the strength of debt and equity underwriting. In equity underwriting revenue rose 87% to US$504m, the best in the quarter among big US banks and easily outperforming Goldman which was the only one of the five major US banks to see its equity underwriting revenue fall in the quarter.
In the quarter Morgan Stanley worked on roughly 30 IPOs, double what the bank did in the first quarter and double the average rate per quarter last year.
"Underwriting has recovered quite well there was good activity in follow-ons as well," Pruzan said. Global footprint we have continued to invest in that global footprint post crisis where others have not.
Revenue from debt underwriting at Morgan Stanley was up 77% at US$504m, reflecting higher non-investment grade loan and investment grade bond fees. Revenue from advisory was down 8% at US$504m.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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